"There are only two places where socialism will work; in heaven where it is not needed, and in hell..."
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Winston Churchill
Venezuela’s currency is worth less than a napkin - CNNMoney
“Last year, inflation rose 68% in Venezuela, and some non-government economists have said inflation could hit triple digits this year. That makes it harder for the government to pay for food imports, and harder for ordinary citizens to find things like napkins.
Venezuela’s president Nicolas Maduro isn’t helping the cause. He’s continued massive government welfare programs that his predecessor Hugo Chavez began.
The country’s lifeline of growth – oil – has lost a lot of value this year, forcing Maduro to go to other OPEC members and ask for cash.
Maduro has also arrested political dissidents, created a currency system with three official exchange rates (not including the unofficial one) and blamed outsiders like the U.S. government for the country’s economic woes.
Maduro did make one reform that Venezuelans like: they can finally buy U.S. dollars – sort of. Venezuelans can buy up to $300 a day, but only $200 can be in cash and the other $100 must go to a Venezuelan bank account.
That exchange can be done under one of the official rates, called SIMADI, and is about 200 bolivars for one dollar, well below the unofficial rate.
Venezuela must pay $5 billion in debt payment in October. As its oil profits have dwindled, experts say Venezuela could default on its debt later this year.
It’s not an unlikely outcome, especially when its own citizens see so little value in their currency.”
